The appointment marks the first major effort by Adani Group to defend itself in the wake of a January 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation
February 14, 2023 / 06:17 AM IST
Grant Thornton would look at related-party transactions at Adani Group.
Grant Thornton would look at related-party transactions at Adani Group.
Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday.
The appointment marks the first major effort by Adani Group to defend itself in the wake of a January 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation.
The conglomerate, led by billionaire Gautam Adani, has strongly denied the allegations but investors remain concerned. Shares in the group's seven listed subsidiaries have cumulatively lost about $120 billion in market value in the last three weeks.
Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report. The appointment of Grant Thornton is reported here for the first time.
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